Late flight arrival will keep me from producing my normal hourly analysis until Wednesday, but I wanted to produce this MNQZ23 chart to give you an idea of how strong price support might be if buyers return (and the consequences of buyers not returning in strength).
Despite some very solid attempts by sellers over this last week, the WVAP line at 14667.75 has held strong. If that level holds, then some kind of counter-trend rally could happen. If it does not, then MNQZ23 likely pulls back pretty close to the lower VWAP line of 14239.
Much of this action will depend on how markets react to rising interest rates and other economic and political issues surrounding the equity and bond markets. Traders will no alternative but to adjust tactics when stock market activity shifts, as volatility is a very strong currently.
More analysis is coming soon. My schedule will return to normal fairly quickly!
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